At a glance
Otis Worldwide Corp is worth $29.84B, about 22 times its fiscal 2025 earnings. Revenue grew 1.2% to $14.43B in fiscal 2025, with 9.6% kept as profit; over 5 years it has grown 2.5% a year. It pays a 2.19% dividend yield, raised every year for at least 6 years, and returned $6.84B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −13.7% over the past year with dividends reinvested and +1.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months after the low.
The business in plain English
Otis describes itself as the world's leading elevator and escalator company. It designs, builds, installs, maintains and upgrades elevators, escalators and moving walkways for customers in more than 200 countries and territories, working from more than 1,400 branches and offices. About 71% of 2025 net sales came from outside the US. The US made up 29% of revenue and China 11.4%.
Most of Otis's money comes from servicing equipment already in buildings. The Service segment maintains and repairs about 2.5 million elevators and escalators worldwide, using 37,000 mechanics. That includes equipment made by other manufacturers. Customers include building owners, facility managers, housing associations and government agencies. In 2025, Service brought in $9.4 billion, or 65% of sales, and 91% of segment operating profit. Maintenance and repair alone made up 52.6% of total revenue. Modernization, meaning upgrades to aging equipment, made up 12.9%.
The New Equipment segment supplies and installs elevators, escalators and moving walkways. Its customers are developers, general contractors and government agencies building projects such as airports and metros. Otis has sold over one million of its Gen2 elevators since 2000. Customers usually pay in advance and then at set stages of the project. Most orders are delivered within 12 months. This segment brought in $5.0 billion, or 35% of 2025 sales, but only 9% of segment profit. Otis aims to turn new installations into maintenance contracts.
Price history
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OTIS -13.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Maintenance and Repair | $7.58B | 52.6% |
| New Equipment | $4.99B | 34.6% |
| Modernization | $1.86B | 12.9% |
By business segment
| Service | $9.44B | 65.4% |
| New Equipment | $4.99B | 34.6% |
By geography
| Other | $8.59B | 59.5% |
| United States Operations | $4.19B | 29% |
| China | $1.65B | 11.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.91B, up 6.1% from a year earlier, and net income was $414.0M (+10.7%).
- For fiscal 2025, revenue was $14.43B (+1.2% year over year; +2.5% a year from FY2020 to FY2025) with a 9.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.5% watch |
|---|---|
| Operating margin | 14.8% watch |
| Free cash flow margin | 10% good |
| Return on assets (FY2025) | 13% good |
| Net cash (cash minus debt) | $-7.41B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.76B | $906.0M | $1.30B |
| FY2021 | $14.30B | $1.25B | $1.59B |
| FY2022 | $13.69B | $1.25B | $1.45B |
| FY2023 | $14.21B | $1.41B | $1.49B |
| FY2024 | $14.26B | $1.65B | $1.44B |
| FY2025 | $14.43B | $1.38B | $1.44B |
Valuation snapshot
| Market value | $29.84B |
|---|---|
| P/E ratio | 22.4 |
| Dividend yield | 2.19% |
Rank among 1514 US companies
Market value at each year end
Otis Worldwide’s market value went from $29.26B at the end of 2020 to $29.84B on Nov 2, 2026, up 2%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $29.84B | -12.4% |
| 2025 | $34.04B | -8.0% |
| 2024 | $36.99B | +1.0% |
| 2023 | $36.62B | +12.2% |
| 2022 | $32.62B | -11.8% |
| 2021 | $36.98B | +26.4% |
| 2020 | $29.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OTIS price data to Nov 2, 2026 | -8.8% | -13.7% | +1.7% | +1.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.8% |
| 2025 | -4.0% |
| 2024 | +5.2% |
| 2023 | +16.0% |
| 2022 | -8.8% |
| 2021 | +30.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.7% over that stretch · deepest drop along the way 25.8%, back to its old high 5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 3 sales ($4.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 12, 2026 | Montlivault Stephane de President, Otis Asia Pacific | sell | $4.4M |
| May 7, 2026 | Thibault Pierre Marie Lefebure President, Otis EMEA | sell | $125K |
| Feb 10, 2026 | Michael Patrick Ryan SVP, CAO & Controller | sell | $106K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| BlackRock, Inc. | 6.8% | Mar 31, 2025 |
| JPMORGAN CHASE & CO. | 5.5% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.08% | Mar 31, 2026 |
| AllianceBernstein L.P. | 4.7% | Mar 31, 2025 |
ETFs with the most weight in OTIS
| CWS AdvisorShares Focused Equity ETF | 4.29% |
| BAMV Brookstone Value Stock ETF | 3.33% |
| DIVS SmartETFs Dividend Builder ETF | 2.95% |
| JGLO JPMorgan Global Select Equity ETF Global Select Equity ETF | 2.61% |
| QLTY GMO US Quality ETF Shs | 2.4% |
| POWA Invesco Bloomberg Pricing Power ETF | 2.12% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 1.9% |
| JDIV JPMorgan Dividend Leaders ETF | 1.72% |
What could go wrong
- China exposure and government policy. China produced 11.4% of 2025 revenue and is home to Otis's largest joint venture, a business co-owned with partners. Changes to ownership rules, capital controls or tariffs could cut sales or trap profits there.
- Hiring and keeping skilled service mechanics. Service earned 91% of 2025 segment operating profit and relies on 37,000 mechanics. Otis says hiring is hard. If it can't hire and keep skilled staff, service quality could slip or costs could rise.
- Heavy debt and negative shareholder equity. As of June 30, 2026, Otis owed $8.4 billion against $813 million of cash and investments, and its liabilities exceeded its assets. Weaker results or credit ratings could make borrowing costlier.
- Building slowdowns hurt new equipment orders. New Equipment made up about 35% of 2025 sales. Less building or remodeling, whether from remote work or other causes, or lower public infrastructure spending could shrink orders.
- Misjudged costs and pricier materials squeeze profits. Otis competes for contracts, so profits depend on estimating installation and service costs and timing accurately. Overruns, supplier shortages or higher prices for parts and raw materials can cut into profits.
- A stronger dollar shrinks overseas results. About 71% of 2025 net sales came from outside the US, usually in local currencies. A stronger US dollar has reduced reported results before and could do so again.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Otis pays a quarterly dividend. Dividends per share rose every year from $0.60 in 2020 to $1.65 in 2025. In 2025 the dividend took 46.7% of earnings and 44.8% of free cash flow (the cash left after running and investing in the business). The yield was 2.36% as of October 28, 2026. Share repurchases (buybacks) were even larger: $4.19 billion from FY2021 to FY2025, compared with $2.65 billion in dividends. The share count fell 10.8% between July 2021 and July 2026.
In the 2022 bear market, the shares fell 25.8% from a January 12 peak to a September 30 low. They recovered by March 2, 2023, about five months later. The price record does not go back to 2008 or the 2020 COVID crash. The stock was down 18.4% over the year to October 28, 2026. A single stock carries more risk than a diversified fund, because no other holdings offset one company's setbacks.
Questions investors ask
How does Otis make money?
Mostly by servicing elevators and escalators, not by supplying new ones. In 2025, the Service segment, which covers maintenance, repair and modernization, brought in about 65% of Otis's $14.4 billion in net sales and 91% of its segment operating profit. It looks after roughly 2.5 million units worldwide, including equipment from other makers. The New Equipment segment designs, builds and installs new elevators, escalators and moving walkways. It brought in about 35% of sales but only 9% of segment profit.
Does Otis raise its dividend every year?
It has so far. Annual dividends per share rose every year from $0.60 in 2020 to $1.51 in 2024 and $1.65 in 2025. In 2025 the payout used 46.7% of earnings and 44.8% of free cash flow, which is the cash left after running and investing in the business. The yield was 2.36% as of October 28, 2026. Otis warns that it may stop or change its quarterly dividend, so past increases are no guarantee.
How much debt does Otis have?
About $8.4 billion as of June 30, 2026, against $813 million in cash and investments. That leaves net debt of roughly $7.6 billion. Shareholders' equity was negative $5.7 billion, meaning the balance sheet shows more liabilities than assets. Otis lists its debt load as a risk because it could make future borrowing harder or costlier, especially if credit ratings slip. On the other side, the company produced $1.44 billion of free cash flow in 2025.
How much of Otis's business is in China?
About 11.4% of Otis's 2025 revenue, or $1.65 billion, came from China. The US made up 29% and the rest of the world 59.5%. Otis's largest joint venture, a business co-owned with partners, is in China. The company singles out China when it describes risks from government policy, such as limits on foreign ownership, capital controls and tariffs. Orders there also tend to move from booking to delivery faster than elsewhere.
How has Otis stock performed?
It has fallen over the past year. As of October 28, 2026, the share price was down 15.2% year to date and 18.4% over one year. At its lowest point that year, it was 30.7% below its high. Over three years the price gained 0.4% a year, and over five years it lost 0.2% a year. Business results were mixed: in 2025 revenue grew 1.2% while net income fell 15.9%. In the second quarter of 2026, revenue rose 7.3% and net income 8.9% from a year earlier.